Future Fund chair announced

The government has appointed former treasurer Peter Costello as chairman of the Future Fund.

Costello, who has been a member of the Future Fund guardians board since 2009, has been the acting chairman since David Gonski departed last month.

Prior to his appointment, Costello was Australia’s longest-serving federal treasurer, from 1996 to 2007.

During his tenure as treasurer he established the Future Fund, in 2006.

Costello's unique experiences and background at the most senior levels in government and in business will be a “great asset” to the Future Fund Board, a statement from the Treasury said.

​Crown Perth director John Poynton has also been appointed as a board member of the $96 million fund. He has had more than 40 years of experience in the financial services industry.

Poynton is currently the chair of Azure Capital and a director of Crown Perth. He also previously served as a director of the Export Finance Insurance Corporation, a member of the Higher Education Endowment Fund and a member of the Payment Systems Board of the RBA.

Costello and Poynton have been appointed to the positions for five years from 4 February, 2014.

The Future Fund was established in 2006 as part of the Coalition government's commitment to strengthen the financial position of the Commonwealth and prepare for the challenges from an ageing of the population.

The fund experienced significant growth of 17.2% to $96.56 billion in 2013, a portfolio update on Monday showed.